<PAGE>   1
 
                                                                    EXHIBIT 4.10
 
     AMENDMENT, dated as of March 20, 1997 (this "Amendment"), to and of the
Third Amended and Restated Credit Agreement, dated as of November 10, 1994 (as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among American Media Operations, Inc. (formerly Enquirer/Star,
Inc.) (the "Borrower"), the Subsidiaries signatory thereto (the "Guarantors"),
the banks and other financial institutions from time to time parties thereto
(the "Banks"), and The Chase Manhattan Bank (formerly Chemical Bank), as agent
(in such capacity, the "Agent").
 
                              W I T N E S S E T H:
 
     WHEREAS, pursuant to Section 7(k) of the Credit Agreement, any Change in
Control is an Event of Default, and "Change in Control" is defined as, among
other things, the failure of BVIII, BVIIIA and Macfadden, collectively, to own,
directly or indirectly, shares of Capital Stock of 31 American Media, Inc.
(formerly Enquirer/Star Group, Inc.) ("AMI") having an economic interest on
liquidation of at least certain specified percentages during certain specified
periods;
 
     WHEREAS, "Macfadden" is defined as "Macfadden Holdings, L.P., a Delaware
limited partnership";
 
     WHEREAS, the Borrower has requested that the Credit Agreement be amended to
permit Macfadden Holdings, L.P. to effect a current distribution of its Capital
Stock of AMI to its general partners, Peter J. Callahan, Maynard Rabinowitz and
Michael J. Boylan (collectively, the "Partners"); and
 
     WHEREAS, the Banks are willing to agree to such amendment;
 
     NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein and for other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Borrower, the Guarantors, the
Banks and the Agent hereby agree as follows:
 
          Section 1. DEFINED TERMS.  Unless otherwise defined herein, terms
     defined in the Credit Agreement are used herein as therein defined.
 
          Section 2. AMENDMENT OF SUBSECTION 1.1 (DEFINED TERMS).  Subsection
     1.1 of the Credit Agreement is hereby amended by replacing the definition
     of "Macfadden" with the following:
 
          "'Macfadden': Peter J. Callahan, Maynard Rabinowitz and Michael J.
     Boylan, collectively."
 
          Section 3. EFFECTIVE DATE.  Upon the later to occur of (i) the
     execution of this Amendment by the Borrower, the Guarantors, the Required
     Banks and the Agent and (ii) the transfer by Macfadden Holdings, L.P. of
     all of its Capital Stock of AMI to the Partners, this Amendment shall
     become effective as of March 20, 1997.
 
          Section 4. MISCELLANEOUS.  (a) Except for the amendment expressly
     provided herein, the Credit Agreement shall continue to be, and shall
     remain, in full force and effect in accordance with its terms. The
     amendment provided herein shall be limited precisely as drafted and shall
     not be construed to be an amendment or waiver of any other provisions of
     the Credit Agreement other than as specifically provided herein.
 
          (b) The Borrower hereby confirms that, after giving effect hereto,
     each Credit Document to which it is party remains in full force and effect
     in accordance with its terms.
 
          (c) The Borrower agrees to pay or reimburse the Agent for all of its
     out-of-pocket costs and reasonable expenses incurred in connection with the
     Amendment, any other documents prepared in connection herewith and the
     transactions contemplated hereby, including, without limitation, the
     reasonable fees and disbursements of counsel to the Agent.
 
          (d) This Amendment may be executed in any number of counterparts by
     the parties hereto, and all of said counterparts when taken together shall
     be deemed to constitute one and the same instrument.
 
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<PAGE>   2
 
          (e) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
     WITH, THE LAWS OF THE STATE OF NEW YORK.
 
          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
     be duly executed and delivered in New York, New York by their proper and
     duly authorized officers as of the date first above written.
                                          AMERICAN MEDIA OPERATIONS, INC.
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          NATIONAL ENQUIRER, INC.
                                          WEEKLY WORLD NEWS, INC.
                                          DISTRIBUTION SERVICES, INC.
                                          NDSI, INC.
                                          FAIRVIEW PRINTING, INC.
                                          STAR EDITORIAL, INC.
                                          SOM PUBLISHING, INC.
                                          COUNTRY WEEKLY, INC.
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          THE CHASE MANHATTAN BANK, as Agent
                                            and as a Bank
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          THE BANK OF NEW YORK
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          THE FIRST NATIONAL BANK OF CHICAGO
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          SHAWMUT BANK CONNECTICUT, N.A.
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          BANQUE PARIBAS
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                       29
<PAGE>   3
 
                                          THE BANK OF NOVA SCOTIA
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          BANK OF HAWAII
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          BANK OF IRELAND
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          CREDIT LYONNAIS ATLANTA AGENCY
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          CREDIT LYONNAIS CAYMAN ISLAND
                                            BRANCH
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          FLEET BANK
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          TORONTO DOMINION (TEXAS), INC.
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          EATON VANCE PRIME RATE RESERVES
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          MERILL LYNCH SENIOR FLOATING RATE
                                            FUND, INC.
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          KEYPORT LIFE INSURANCE
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                       30
<PAGE>   4
 
                                          THE FIRST NATIONAL BANK OF BOSTON
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          BANK OF AMERICA NATIONAL TRUST AND
                                            SAVINGS ASSOCIATION
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          THE SUMITOMO TRUST & BANKING
                                            COMPANY, LIMITED, NEW YORK BRANCH
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          UNION BANK
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          CIBC, INC.
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          NATIONAL CITY BANK
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                          VAN KAMPEN MERRITT PRIME RATE
                                            INCOME TRUST
 
                                          By:
                                            ------------------------------------
                                            Title:
 
                                       31